15 years: Ocean conservationist
Aside from fishing, what are the other key blue economies? To start, offshore energy, shipping and tourism. Join Vincent Kneefel as he explores the benefits and drawbacks of each industry.
Aside from fishing, what are the other key blue economies? To start, offshore energy, shipping and tourism. Join Vincent Kneefel as he explores the benefits and drawbacks of each industry.
11 mins 57 secs
The first key blue economy is the global offshore wind market. It grew nearly 30% per year in the last decade and is projected to expand strongly in the coming decades into a $1 trillion USD industry. However, the downsides include damage to marine ecosystems, bird collision, habitat displacement and underwater noise. The second key blue economy is shipping. Sea transport is the cheapest way of sending products in large quantities over a long distance, with over 70% of world trade is carried out by ships and the demand is projected to grow by 39% until 2050. However the drawbacks are huge, including: oil spills, pollutants, air emissions, ship strikes, underwater noise pollution, invasive species and habitat destruction. The last key economy is tourism. Over 350 million people travel to the world’s coral reef coasts each year, generating over $36 billion in economic revenue globally each year. However, the downsides include companies who abuse the concept of eco-tourism in order to take advantage of the wealth generated.
Key learning objectives:
Identify 3 key blue economies
Outline the benefits and drawbacks of each